Obama "commended the Prime Minister for agreeing to the Egyptian ceasefire proposal – which the President recommended the Prime Minster do – while reiterating that Israel maintains the right to defend itself," the White House said in a statement.

Israel and the Hamas-led Palestinian territory of Gaza has been engaged in hostilities for over a week. Israeli causalities have been kept to a minimum thanks to a missile defense system called Iron Dome.

In his call, Obama vowed to seek more U.S. funds for missile defense.

UPDATE at 1:12 p.m.: Obama also called Egyptian President Mohamed Morsi. From the White House: Obama "thanked President Morsi for his efforts to achieve a sustainable ceasefire and for his personal leadership in negotiating a ceasefire proposal. President Morsi expressed appreciation for President Obama’s efforts in this regard."

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